SNC-Lavalin announced that it had reached financial close on the sale of its 100-per cent interest in AltaLink, Alberta's largest regulated energy transmission company, to Berkshire Hathaway Energy (Berkshire). This follows the receipt of regulatory approvals from the Alberta Utilities Commission and approvals pursuant to the Competition Act and Investment Canada Act. Based on the terms of the agreement, the transaction values AltaLink at approximately $7.2 billion and will result in gross proceeds to SNC-Lavalin of approximately $3.1 billion.
SNC-Lavalin was represented in-house by Michel Jodoin and by Norton Rose Fulbright Canada LLP with a team led by Eric Stevens and composed of Stephen Kelly, Elliot Shapiro, Mathieu Deschamps, David Crandall, Marly Ochmann St-Jean and Michelle Felsky (Montreal, corporate); Rashi Sengar, Kirk Litvenenko and Brett Watson (Calgary, corporate); Bernette Ho (Calgary, regulatory); Richard Wagner, Thierry Dorval and Stephen Nattrass (Ottawa and Montreal, competition and Investment Canada); Derek Chiasson, Antoine Desroches and Jonathan Lafrance (Montreal, tax); Clarke Hunter, Aldo Argento and Ruth Wahl (Calgary and Toronto, litigation) and Alain Ricard, Suzanna Lobo, Robert Borduas, Michael Moher and Melanie Dupuis-Giuliani (Montreal and Toronto, banking).
Berkshire was led by its General Counsel, Doug Anderson with an in-house team composed of Ryan Flynn, Jeffrey Erb and Matt McVee and by Dentons Canada LLP with a team led by Allen Garson which included Andrew Bourns, Gavin Sinclair and Lampros Stougiannos (corporate); Dennis Langen (Calgary, regulatory); Jim Russell (Toronto, banking); Sandy Walker and Adam Goodman (corporate, regulatory); and Jerry Patterson (litigation), as well as by Fasken Martineau DuMoulin LLP for energy regulatory matters with a team composed of Peter Feldberg, Jonathan Liteplo, David Both and Alex Kotkas (litigation).
AltaLink was represented by its General Counsel, Zora Lazic, and in-house counsel Terry Knight and Leigh Stewart, and AltaLink Investment was represented by Borden Ladner Gervais LLP with a team composed of Randall Block, Michael Massicotte and Hugh Williamson.